Saudi M&A Review: 300 Filings in 2025 Signal Record Activity
The Middle East and North Africa (MENA) region has seen a surge in merger control activity over the past two years, with Saudi Arabia leading the charge. From updated guidelines to record-breaking filing volumes, the Saudi M&A Review reveals a dynamic and maturing regulatory landscape that is reshaping deal-making across the region.
300 Saudi Filings in 9 Months: A New Benchmark for M&A Volume
In the first nine months of 2025 alone, Saudi Arabia’s General Authority for Competition (GAC) received 300 merger filings, nearly matching the annual totals of the previous three years. This surge is particularly notable given that the GAC has raised its turnover thresholds and introduced exemptions to reduce unnecessary filings. Despite these efforts, the volume remains high — underscoring the Kingdom’s growing role as a regional M&A hub.
4.1 Days: GAC’s Average Review Time Hits New Low
Efficiency is becoming a hallmark of the Saudi merger review process. In Q3 2025, the GAC reported an average review time of just 4.1 days, down from 5.6 days in Q2 and 8 days in Q1. This acceleration reflects the authority’s commitment to streamlining procedures and reducing the burden on businesses. While the clock starts only after a filing is deemed complete, the GAC has also shortened the pre-acceptance phase by minimizing documentation requirements.
Conditional Approvals Remain Rare: Only 2 in 2025
Out of the hundreds of filings, only two mergers were conditionally approved in the first three quarters of 2025. This continues a trend of limited conditional clearances, with just three such approvals recorded in all of 2023. Most transactions are either cleared outright or dismissed due to not meeting filing thresholds, indicating a relatively low rate of competitive concerns.
Egypt Clears 94% of Mergers Under New Regime
Egypt’s revamped merger control regime, effective since June 2024, has already processed 115 filings through September 2025. Of these, 94% were approved, including seven with conditions. The Egyptian Competition Authority (ECA) has yet to block any transaction, though parties are advised to expect longer timelines than the statutory 20–60 business days due to information requests and procedural delays.
Morocco Sees 20% Drop in Filings After Nexus Reform
Morocco’s Competition Council (MCC) introduced a local nexus test in 2023, excluding filings for deals with no Moroccan link. As a result, filings dropped from 204 in 2023 to 162 in 2024, a 20% decline. Despite the lower volume, approval rates remain high — 95% in 2024, consistent with previous years. The MCC has also stepped up enforcement, issuing fines of up to €1 million for failure to notify.
Saudi M&A Review Reflects Regional Leadership in Reform
The Saudi M&A Review highlights the Kingdom’s leadership in regulatory modernization. With faster reviews, clearer thresholds, and a high volume of filings, Saudi Arabia is setting the pace for M&A oversight in the MENA region. As other jurisdictions like Egypt and Morocco refine their regimes, Saudi Arabia’s proactive stance offers a model for balancing business facilitation with competitive safeguards.
